Worldwide air cargo rates and demand softened slightly from most regions in the second week of July, although tonnages and average global prices remain significantly higher than this time last year, thanks to continuing elevated demand and high rates from Asia and the Middle East.
According to the latest weekly figures and analysis from WorldACD Market Data, there was a -1% drop in worldwide tonnages in week 28 (8 to 14 July), mainly due to falls from Europe (-5%), Asia Pacific (-2%) and Africa (-5%). But a post-Independence Day rebound from North America (+6%) origins and from Central & South America (CSA) (+4%) helped keep total worldwide tonnages relatively firm during what is normally a quiet month.
On the pricing side, average worldwide rates edged down -1% to US$2.50 per kilo in week 28, with small (-1%) declines from Asia Pacific, Middle East & South Asia (MESA), Europe, and CSA origins. However, that figure of $2.50 per kilo is up +11%, year on year (YoY), based on a full-market average of spot rates and contract rates, and remains significantly higher than the equivalent period prior to Covid (+44% compared to July 2019). As in previous weeks, those higher rates are mainly driven by increases from Asia Pacific and MESA origins, where average prices are up by +23% and +51%, respectively, in week 28.